Investing.com – The U.S. dollar was down against its Canadian counterpart on Wednesday, falling to a 2-day low ahead of the release of data on U.S. crude oil inventories.
USD/CAD hit 1.0256 during European morning trade, the pair's lowest since September 27; the pair subsequently consolidated at 1.0284, shedding 0.13%.
The pair was likely to find support at 1.0222, Monday's low and resistance at 1.0361, Tuesday's high.
Later in the day, the U.S. Energy Information Agency was to publish data on crude oil stockpiles. Canada is the largest supplier of foreign oil to the U.S. and the loonie often tracks changes in crude oil prices.
The loonie was also up against the euro, with EUR/CAD shedding 0.03% to hit 1.3984.
Also Wednesday, Canada was to release official data on industrial inflation.
USD/CAD hit 1.0256 during European morning trade, the pair's lowest since September 27; the pair subsequently consolidated at 1.0284, shedding 0.13%.
The pair was likely to find support at 1.0222, Monday's low and resistance at 1.0361, Tuesday's high.
Later in the day, the U.S. Energy Information Agency was to publish data on crude oil stockpiles. Canada is the largest supplier of foreign oil to the U.S. and the loonie often tracks changes in crude oil prices.
The loonie was also up against the euro, with EUR/CAD shedding 0.03% to hit 1.3984.
Also Wednesday, Canada was to release official data on industrial inflation.